It’s easy to say you’re going to take charge of both your career and your money. Actually knowing how to and taking action - not as easy. I meet a lot of mid-career professionals who sometimes unknowingly carry deeper beliefs on both accounts. So as a career management coach, I work quite a bit with my client on the connection between work and money.

The good news is, you don’t have to choose one over the other. The more challenging news is if you want to have a healthy relationship with your career and money, you have to be ready to get honest with yourself about your true motivators. Maybe it’s money, and you don’t want to be read as materialistic or greedy. Maybe it’s your career aspirations, and people assume you don’t want to work hard to get ahead, or that you don’t understand that you may never be paid for your talent.

I see it as my responsibility to help my clients uncover their truth and see how money and work shouldn’t be fighting each other, they should be working together to get you on a holistically valuable career track. (I invite you to review this article on people’s beliefs about money!)

Those Troublesome Deep-Rooted Beliefs

Maybe your grandfather preached about a union trade job with benefits. Work hard, head down, and have a stable salary and nice pension. That’s practical. Or at least it was 50 years ago.

Or maybe your family is up in arms because your free-spirit cousin is an artist with no degree, and they don’t know how she’s going to make a living, even though she’s been at it for 25 years and seems to be fine. Unpredictable with no work ethic. At least in everyone else’s eyes.

Times have changed, thanks to education, technology, and corporate growth. Opportunities are endless, but can be overwhelming if you’re not clear on what you want both professionally and financially, and if there’s any wiggle room for compromise. And hashing it out alone? Well, that’s why you’re reading this.

The list of concerns is confusing as well. Money is everything, accolades are everything. Money doesn’t buy everything. Job titles and colleagues are not family. I could continue, but I’ll spare you. You get the idea.

Assumption - the Cousin of Beliefs

We all make them, we hear them, we think about them. And yes some of them are right, but many of them are wrong.  One of the biggies is “Just work hard and you’ll make money.” It’s the wallflower wisdom of assumptions.

That’s a great place to start, but it’s not the only thing. To make a salary that has the potential to increase, you have to pay attention - to the economy, the industry you’re in, the whisperings and shouts of the company you work for, and more. When clients come to me, they have usually sold themselves short, so I help them with this attention strategy so they are equipped with the right knowledge for their job aspirations.

Communication

Ugh, talking about money makes a lot of people want to excuse themselves from a conversation that they need to be an integral part of. The boundaries around money can be fuzzy - when to talk about money in reference to work, who to talk to, what to say and not say? These conversations are not for the ill-prepared.

One statement that is a huge block I help clients overcome is, “I can’t negotiate because…[fill in the blank: this market is bad, I’m unemployed, that’s egotistical.]” No matter what, you can always negotiate as long as you are prepared that you may not get what you’re asking for.  You will however build confidence in yourself!

Confidence

Although many women feel that, "If I were a man, I wouldn't even hesitate to ask for more $$ even if I didn’t deserve it,” I’ve worked with many men who also struggle with asking for raises, promotions, titles, and more. Are there women out there who are timid about money discussions? Yes. But there are just as many men who second-guess themselves when it comes to money negotiations, too.

And yes, the gender pay gap still exists, and I get that it’s a real obstacle. It’s 2024, not 1954, and we are capable of advocating for our worth and lessening that gap. If you wait for someone to praise you and drop money in your lap, you’ll be waiting for a while.

Accept that negotiating for more money is part of managing your career. One of the best ways to build confidence is by doing your homework.

Knowledge is Power

The foundation of a healthy money and career connection is knowledge.  Investing time in educating yourself on the labor market and what that market is willing to bear for your profession / experience is critical before any discussion around money.

Knowing your worth and letting your boss or potential boss know that you know, is a crucial negotiating tool. You have to understand the labor market, your industry, and what people with your experience are getting paid. Trust me, this isn’t something you want to “wing.” Talk to colleagues in your industry, research salary ranges, and get a clear sense of what the market can bear before you walk into any negotiation. When you know what you’re worth, you can ask for it without flinching.

Money is not the only thing to negotiate. Maybe you need better health insurance, a bigger boost to your 401K, a flexible schedule, or more time working remotely, or help paying for your Master’s degree. If you don’t get the salary you asked for, be ready to ask for other available perks.

Priorities

What about when money isn’t your main driver for career satisfaction?  There are still non-monetary items of value that ultimately impact what's in your wallet (benefits, growth opportunities).

That’s fine. Not everyone is motivated by money—and that’s perfectly valid. But just because you’re not chasing dollar signs doesn’t mean there aren’t other items of value that ultimately impact your wallet.

What I’ve found in coaching mid-career professionals is that your beliefs about money and work are often holding you back. Opinions we grew up on shape everything from how you view your career to how you negotiate for that raise (or don’t). And if you’re not aware of these assumptions, it’s easy to get stuck in a rut where you’re either chasing money without thinking, or refusing to speak up because, hey, “money isn’t what motivates me.”

Yes, money matters, but it’s not the only thing that matters. And yes, job satisfaction is important, but let’s not kid ourselves—feeling fulfilled doesn’t pay the rent.

It’s not a passive conversation

Look, you can listen to plenty of experts. At the end of the day, you have to decide how important both work and money are to you, and how you’ll navigate the connections. But you don’t have to continue listening to opinions that don’t suit you.

If you’re not already thinking about clarifying the connection between your career and money, it’s time to start. And if you need help navigating those tricky conversations,  that’s what I’m here for.

I coach people on ALL of the above - and then some. I’d love to see how I can help you. Set up a time for us to talk HERE; discovery calls are always free!